Markets Mena IPO pipeline ‘healthy’ after fall in Q1 listings A “healthy pipeline” of initial public offerings lies ahead for the remainder of this year, experts have told AGBI, despite a fall in Middle East and North African listings in the first quarter. According to the EY Mena IPO Eye Q1 2023 report, the quarter saw 10 stock market listings with combined proceeds of $3.4 […] May 10, 2023
Markets Adnoc to float 15% of its maritime logistics subsidiary UAE’s Abu Dhabi National Oil Company (Adnoc) will float a 15 percent minority stake in its maritime logistics subsidiary, as the Gulf state ramps up plans to list government-backed entities. The listing for Adnoc Logistics & Services (L&S) on the Abu Dhabi Securities Exchange is expected to open on May 16, the UAE state-owned Wam […] May 10, 2023
Energy Revenues power up by 7.3% at Dewa Dubai Electricity and Water Authority (Dewa) has reported revenues of AED763 million ($207.78 million) for the first quarter of the year amid increased demand from customers across the board. The Dubai listed company’s first quarter consolidated revenue increase of 7.3 percent year-on-year to AED 5.44 billion was mainly driven by an increase in demand for […] May 8, 2023
Business of Sport G42 to give Mercedes a push in Formula One The Mercedes Formula One team is relying on a partnership with an Abu Dhabi based tech company to develop artificial intelligence to give it an edge on the track. A multi-year deal aims to harness the potential of AI as the two companies explore ways to embed software and tech solutions in the team’s operations, […] May 5, 2023
Tourism Saudi Arabia’s wealth fund in talks to buy stake in Flynas Saudi Arabia’s Public Investment Fund (PIF) is in talks to buy a stake in Flynas, a Riyadh-headquartered low-cost carrier, Bloomberg reported, citing informed sources. Goldman Sachs Group is advising shareholders on the potential sale to the sovereign fund. The airline is partly owned by Prince Alwaleed bin Talal’s Kingdom Holding Co., in which PIF purchased […] April 28, 2023
Markets Oman hopes to emulate Gulf neighbours in IPO push Oman has belatedly launched a renewed part-privatisation drive and plans to float stakes in dozens of state-owned companies, following the success of similar programmes in Dubai and Abu Dhabi. The sales aim to boost Omani state coffers and diversify equity listings on the rebranded Muscat Stock Exchange (MSX) – until April 2021, the Muscat Securities […] April 24, 2023
Tech AD Ports digital arm buys customs systems firm Maqta Gateway, the digital arm of AD Ports Group, has acquired TTEK Inc, a developer of border control solutions and customs systems, in a deal worth $26.7 million. The acquisition involves an upfront payment of $17.1 million and adds to Maqta Gateway’s digital trade solutions portfolio, which uses disruptive technologies such as artificial intelligence, machine […] April 24, 2023
EXCLUSIVE Tech RedSea rules out listing in search for growth Sustainable agriculture business RedSea has revealed plans to raise extra funds, but has ruled out a listing for the company for the moment. Founded in 2018 by plant scientist Mark Tester, agriculture engineering expert Ryan Lefers and material scientist Derya Baran, the Saudi-based agtech startup aims to find ways to feed populations in the face […] April 24, 2023
Health Burjeel Holdings plans to triple its medical tourism Burjeel Holdings has revealed plans to triple its medical tourism business by the end of the decade. The UAE-based private healthcare services provider has a network of 61 assets, including 16 hospitals and 23 medical centres, as well as pharmacies and other services. CEO John Sunil, who has been with the company for 12 years, […] April 24, 2023
Analysis Markets Domestic markets best for Mena investors, says expert Gulf stock markets bucked a worldwide trend in 2022. While the MSCI Emerging Market index lost 20 per cent over the year and global stock and bond markets were engulfed by gloom, equity benchmarks in Saudi Arabia and Abu Dhabi reached multi-year peaks in May and November, respectively. This year the mood has been more […] April 21, 2023
Health M42 buys European dialysis group Diaverum Abu Dhabi’s newest tech-enabled healthcare company, M42, has made its first investment with the acquisition of Diaverum, a global renal care service provider. The value of the deal for Bridgepoint Group’s European dialysis clinic chain was not disclosed, although previous reports by Bloomberg suggest it could be in the region of $2.5 billion. M42 launched […] April 19, 2023
Markets Saudi Tadawul profit down 35% as trading values halve Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, on Sunday reported a 35 percent decline in first-quarter profit, as the value of trading dropped by 50 percent and costs increased. The company reported a net profit after zakat of SAR 90.8 million ($24.21 million) for the first three months of this […] April 17, 2023
Energy Saudi transfers 4% stake in Aramco to PIF subsidiary A four percent ownership stake in state-owned oil giant Saudi Aramco has been transferred to Sanabil Investments, a subsidiary of the Public Investment Fund (PIF), Crown Prince Mohammed Bin Salman announced on Sunday. The government will remain Aramco’s biggest shareholder, owning 90.18 percent of the company, he said in a statement published by the state-run […] April 16, 2023
Economy Dubai’s ‘continuous growth’ lifts education market Dubai’s primary and secondary education sector is thriving, according to an industry expert, providing opportunities for landlords, operators and international investors. At the start of this academic year the number of students from kindergarten to twelfth grade, known as K-12, enrolled in the emirate’s 216 private schools stood at 326,000 – a 4.5 percent increase […] April 12, 2023
Banking & Finance Dubai utility provider approves $1.3bn dividend payout Shareholders of state-owned utility provider Dubai Electricity and Water Authority (Dewa) have approved the payment of total dividends of AED4.77 billion ($1.30 billion) as of April 20, 2023. The 12-month dividend yield for shareholders stands at 6.3 percent, considering the IPO price of AED2.48 per share, state-run WAM news agency reported Shareholders must be on […] April 11, 2023
Banking & Finance Gulf IPO market could ride out global jitters with state offerings A wave of initial public offerings in Abu Dhabi shows little sign of abating, despite global market jitters and rising interest rates as investors bet on the emirate’s part-privatisation drive. While Saudi Arabia and Dubai’s bourses have also offered a flurry of new listings over the past 18 months, it’s the UAE capital that is […] April 11, 2023
UK pharma startup targets Gulf for future IPO UK pharmaceutical startup Ambrose Healthcare has revealed plans for a stock market listing in the Middle East. Ambrose Healthcare aims to provide treatments for rare diseases and address the unmet needs of patients in hospital or specialist care facilities. The Cambridge-based company is undertaking a six-month “small fundraising” of £1 million, and has so far […] April 10, 2023
Banking & Finance AD Ports Group signs $2bn financing deal AD Ports Group has signed a $2 billion financing agreement with a syndicate of 13 regional and international banks, it announced in a bourse statement on Tuesday. Part of Abu Dhabi investment and holding company ADQ, AD Ports Group has a portfolio of ports, economic zones, logistics and digital businesses driving the growth of international […] April 4, 2023
Analysis Desalination spend on the rise in race against water crisis The UAE’s minister of climate change and the environment is clear about the importance of desalination, the process of removing salt from seawater. Speaking at the United Nations Water Conference in New York last week, Mariam bint Mohammed Almheiri quoted the country’s founder, the late Sheikh Zayed Al Nahyan, when she declared: “Water is not […] March 28, 2023
Markets Al Ansari raises $210m in IPO as order book nears $3.5bn UAE-based remittance and foreign exchange house Al Ansari Financial Services has raised AED773 million ($210.5 million) in its initial public offering (IPO) after setting the offering price at AED 1.03 per share. The order book stood at more than AED12.7 billion ($3.46 billion), meaning it was 22 times oversubscribed. Dubai-based Shariah-compliant savings scheme provider National […] March 27, 2023
Banking & Finance Adnoc lines up another unit for Abu Dhabi listing Abu Dhabi National Oil Co (Adnoc) plans to launch an initial public offering of its maritime and logistics unit in June, Reuters reported, in what will be the government-owned conglomerate’s latest flotation of an ancillary business. Adnoc’s part-privatisation drive began in 2017. It has sold minor stakes in subsidiaries Adnoc Drilling, Adnoc Gas, Adnoc Distribution, […] March 24, 2023
Economy Dubai hires half a million more white-collar workers in four years Dubai is welcoming an increasing number of white-collar workers as the emirate evolves towards a knowledge-based economy, with an increased emphasis on the financial sector. Between 2018 and 2022, the number of workers employed in the UAE business and finance sector grew by half a million. At the same time, the number of construction workers […] March 24, 2023
